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Web(c) Gross receipts test. For purposes of this section-(1) In general. A corporation or partnership meets the gross receipts test of this subsection for any taxable year if the … WebIncome from the partnership is taxed when earned, passed through like the S corp. The only time it's treated as a capital gain is if the cash distributed exceed partner's basis in the property. Click the card to flip 👆 Flashcards Test Created by MysteriotheCheeri0 Terms in … citizens for wildlife conservation
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